Bitcoin's Coinbase Premium Index has stayed below zero for 51 consecutive days. Separate data on ETF withdrawals, futures positioning and options skew points to cautious buying, though the premium alone does not show institutions leaving.
Bitcoin's Coinbase Premium Index has stayed below zero for 51 consecutive days, with the latest reading at −0.10%. The US exchange continues to price BTC below Binance.
According to CoinGlass, the negative run began on Sept. 23. The 30-day average sits at −0.14%, while the annual average is −0.06%. The index compares Bitcoin's price on Coinbase's BTC-USD market with its price on Binance's BTC-USDT market.
US Bitcoin ETFs record separate withdrawals
Spot Bitcoin ETFs recorded five consecutive outflow sessions through Nov. 11, losing roughly $1.44 billion across that stretch. SoSoValue figures put Nov. 11 net withdrawals at $299.9 million, with BlackRock's iShares Bitcoin Trust accounting for $269.73 million.
Even so, cumulative net inflows since the funds launched in January 2024 stood at $55.1 billion in that report. The source cautions that a negative exchange premium alone does not establish that institutional investors are withdrawing funds.
Bitfinex points to weak spot buying
In a Nov. 11 assessment, Bitfinex analysts described weak spot buying alongside futures positions that kept growing while Bitcoin fell. Their figures put futures open interest at 701,900 BTC, up 3.3% between Nov. 8 and Nov. 11, while the price declined 2.6%.
The analysts also estimated that 1.6 million BTC purchased between $75,000 and $80,000 was underwater. In their assessment, holders could sell into rallies approaching their purchase prices until fresh spot demand returns.
Options investors keep paying for protection
CoinShares managing director Marc des Ligneris described continued defensive positioning in comments published Nov. 10. He said "investors are still paying up to hedge" as one-month options skew rose again.
Source: crypto.news
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